Commbank sustains momentum
The Commonwealth Bank has sustained its momentum despite the controversy surrounding its financial planning business, reporting to the Australian Securities Exchange (ASX) today that its unaudited cash earnings for the three months to the end of September were $2.3 billion.
The big banking group said that statutory net profit on an unaudited basis for the period was approximately $2.4 billion.
Importantly, the bank's ASX announcement pointed to a positive performance by its Wealth Management division with net flows, investment performance and foreign exchange impacts contributing to assets under management growing by 3.5 per cent.
The bank's analysis was that overall business momentum had been maintained.
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